Markup and Markdown
Flashcard
•
Mathematics
•
7th Grade
•
Practice Problem
•
Hard
Wayground Content
FREE Resource
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7 questions
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1.
FLASHCARD QUESTION
Front
What is a markup?
Back
A markup is the amount added to the cost price of a product to determine its selling price. It is usually expressed as a percentage of the cost price.
2.
FLASHCARD QUESTION
Front
What is a markdown?
Back
A markdown is a reduction in the original selling price of a product. It is often used to encourage sales and clear out inventory.
3.
FLASHCARD QUESTION
Front
How do you calculate the selling price with a markup?
Back
Selling Price = Cost Price + (Markup Percentage × Cost Price)
4.
FLASHCARD QUESTION
Front
How do you calculate the sale price with a markdown?
Back
Sale Price = Original Price - (Markdown Percentage × Original Price)
5.
FLASHCARD QUESTION
Front
If a product costs $50 and has a markup of 20%, what is the selling price?
Back
Selling Price = $50 + (20% of $50) = $50 + $10 = $60.
6.
FLASHCARD QUESTION
Front
If a video game is originally priced at $60 and is on sale for 30% off, what is the sale price?
Back
Sale Price = $60 - (30% of $60) = $60 - $18 = $42.
7.
FLASHCARD QUESTION
Front
What is the formula to find the original price after a markdown?
Back
Original Price = Sale Price / (1 - Markdown Percentage)
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